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Melco Announces Unaudited Fourth Quarter 2023 Earnings

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Melco Resorts & Entertainment Limited, a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2023.

Total operating revenues for the fourth quarter of 2023 were US$1.09 billion, representing an increase of approximately 224% from US$337.1 million for the comparable period in 2022. The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations following the relaxation of COVID-19 related restrictions in Macau in January 2023 and the opening of Studio City Phase 2.

Operating loss for the fourth quarter of 2023 was US$94.4 million, compared with operating loss of US$199.5 million in the fourth quarter of 2022.

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Melco generated Adjusted Property EBITDA(1) of US$303.4 million in the fourth quarter of 2023, compared with negative Adjusted Property EBITDA of US$6.8 million in the fourth quarter of 2022.

Net loss attributable to Melco Resorts & Entertainment Limited for the fourth quarter of 2023 was US$156.6 million, or US$0.36 per ADS, compared with US$251.9 million, or US$0.57 per ADS, in the fourth quarter of 2022. Net loss attributable to noncontrolling interests was US$20.8 million and US$42.1 million during the fourth quarters of 2023 and 2022, respectively, all of which were related to Studio City, City of Dreams Manila, and City of Dreams Mediterranean and Other.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “Macau continues to demonstrate its extraordinary growth potential and has shown resilience despite China’s uncertain macro-economic outlook. Visitations to Macau during this month’s Chinese New Year holiday period were close to 2019 levels and the number of visitors from China exceeded 2019.

“2023 was a year of post-pandemic recovery and the debut of our new developments, including City of Dreams Mediterranean and Studio City Phase 2. 2024 is set to be another exciting year for us as we continue to develop new ideas and strategies to bring market leading leisure and entertainment offerings to our customers.

“As part of our initiatives to ensure Melco is leading the market in all areas of our business, we are making changes to management in Macau and bolstering the leadership team. We expect these changes will strengthen us as a team to secure a stronger and more competitive future.

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“City of Dreams Manila in the Philippines has continued to show solid growth with significant market share gains in mass table games and slots. City of Dreams Mediterranean in Cyprus continues to be impacted by the conflicts in the region but is starting to show some signs of recovery so far this year.”

City of Dreams Fourth Quarter Results

For the quarter ended December 31, 2023, total operating revenues at City of Dreams were US$559.8 million, compared with US$139.2 million in the fourth quarter of 2022. City of Dreams generated Adjusted EBITDA of US$166.2 million in the fourth quarter of 2023, compared with negative Adjusted EBITDA of US$7.8 million in the fourth quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming segments and non-gaming operations.

Rolling chip volume was US$5.19 billion for the fourth quarter of 2023 versus US$850.4 million in the fourth quarter of 2022. The rolling chip win rate was 2.55% in the fourth quarter of 2023 versus 4.47% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop increased to US$1.44 billion in the fourth quarter of 2023, compared with US$292.2 million in the fourth quarter of 2022. The mass market table games hold percentage was 31.6% in the fourth quarter of 2023, compared with 29.2% in the fourth quarter of 2022.

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Gaming machine handle for the fourth quarter of 2023 was US$957.4 million, compared with US$194.7 million in the fourth quarter of 2022. The gaming machine win rate was 3.1% in the fourth quarter of 2023 versus 4.5% in the fourth quarter of 2022.

Total non-gaming revenue at City of Dreams in the fourth quarter of 2023 was US$80.1 million, compared with US$30.5 million in the fourth quarter of 2022.

Altira Macau Fourth Quarter Results

For the quarter ended December 31, 2023, total operating revenues at Altira Macau were US$33.6 million, compared with US$9.0 million in the fourth quarter of 2022. Altira Macau generated Adjusted EBITDA of US$0.3 million in the fourth quarter of 2023, compared with negative Adjusted EBITDA of US$9.5 million in the fourth quarter of 2022. The year-over-year change in Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations.

In the mass market table games segment, drop was US$149.0 million in the fourth quarter of 2023 versus US$31.9 million in the fourth quarter of 2022. The mass market table games hold percentage was 23.8% in the fourth quarter of 2023, compared with 20.6% in the fourth quarter of 2022.

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Gaming machine handle for the fourth quarter of 2023 was US$87.8 million, compared with US$40.8 million in the fourth quarter of 2022. The gaming machine win rate was 3.2% in the fourth quarter of 2023 versus 3.0% in the fourth quarter of 2022.

Total non-gaming revenue at Altira Macau in the fourth quarter of 2023 was US$5.3 million, compared with US$2.1 million in the fourth quarter of 2022.

Mocha and Other Fourth Quarter Results

Total operating revenues from Mocha and Other were US$28.7 million in the fourth quarter of 2023, compared with US$19.5 million in the fourth quarter of 2022. Mocha and Other generated Adjusted EBITDA of US$6.0 million in the fourth quarter of 2023, compared with Adjusted EBITDA of US$1.8 million in the fourth quarter of 2022.

Mass market table games drop was US$49.6 million in the fourth quarter of 2023 versus US$21.0 million in the fourth quarter of 2022. The mass market table games hold percentage was 14.8% in the fourth quarter of 2023 versus 19.7% in the fourth quarter of 2022.

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Gaming machine handle for the fourth quarter of 2023 was US$493.0 million, compared with US$372.7 million in the fourth quarter of 2022. The gaming machine win rate was 4.6% in the fourth quarter of 2023 versus 4.2% in the fourth quarter of 2022.

Studio City Fourth Quarter Results

For the quarter ended December 31, 2023, total operating revenues at Studio City were US$302.5 million, compared with US$43.4 million in the fourth quarter of 2022. Studio City generated Adjusted EBITDA of US$77.3 million in the fourth quarter of 2023, compared with negative Adjusted EBITDA of US$25.3 million in the fourth quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations.

Studio City’s rolling chip volume was US$566.0 million in the fourth quarter of 2023 versus US$251.4 million in the fourth quarter of 2022. The rolling chip win rate was 1.86% in the fourth quarter of 2023 versus 2.70% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop increased to US$864.1 million in the fourth quarter of 2023, compared with US$113.5 million in the fourth quarter of 2022. The mass market table games hold percentage was 30.0% in the fourth quarter of 2023, compared with 27.1% in the fourth quarter of 2022.

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Gaming machine handle for the fourth quarter of 2023 was US$778.3 million, compared with US$124.5 million in the fourth quarter of 2022. The gaming machine win rate was 3.2% in the fourth quarter of 2023, compared with 2.7% in the fourth quarter of 2022.

Total non-gaming revenue at Studio City in the fourth quarter of 2023 was US$65.3 million, compared with US$9.6 million in the fourth quarter of 2022.

City of Dreams Manila Fourth Quarter Results

For the quarter ended December 31, 2023, total operating revenues at City of Dreams Manila were US$120.5 million, compared with US$95.2 million in the fourth quarter of 2022. City of Dreams Manila generated Adjusted EBITDA of US$48.8 million in the fourth quarter of 2023, compared with Adjusted EBITDA of US$23.6 million in the comparable period of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations.

City of Dreams Manila’s rolling chip volume was US$416.5 million in the fourth quarter of 2023 versus US$940.7 million in the fourth quarter of 2022. The rolling chip win rate was 3.97% in the fourth quarter of 2023 versus 1.84% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.

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Mass market table games drop increased to US$198.2 million in the fourth quarter of 2023, compared with US$148.2 million in the fourth quarter of 2022. The mass market table games hold percentage was 29.1% in the fourth quarter of 2023, compared with 31.9% in the fourth quarter of 2022.

Gaming machine handle for the fourth quarter of 2023 was US$1.08 billion, compared with US$1.02 billion in the fourth quarter of 2022. The gaming machine win rate was 5.3% in the fourth quarter of 2023 versus 4.7% in the fourth quarter of 2022.

Total non-gaming revenue at City of Dreams Manila in the fourth quarter of 2023 was US$30.3 million, compared with US$24.5 million in the fourth quarter of 2022.

City of Dreams Mediterranean and Other Fourth Quarter Results

The Company operates three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean.

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Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended December 31, 2023 were US$47.3 million, compared with US$28.7 million in the fourth quarter of 2022. City of Dreams Mediterranean and Other generated Adjusted EBITDA of US$4.7 million in the fourth quarter of 2023, compared with Adjusted EBITDA of US$10.5 million in the fourth quarter of 2022.

Rolling chip volume was US$6.4 million for the fourth quarter of 2023 versus US$1.1 million in the fourth quarter of 2022. The rolling chip win rate was negative 8.85% in the fourth quarter of 2023, compared with 16.43% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85% – 3.15%.

Mass market table games drop was US$87.6 million in the fourth quarter of 2023, compared with US$38.0 million in the fourth quarter of 2022. The mass market table games hold percentage was 22.1% in the fourth quarter of 2023, compared with 24.9% in the fourth quarter of 2022.

Gaming machine handle for the fourth quarter of 2023 was US$492.8 million, compared with US$392.4 million in the fourth quarter of 2022. The gaming machine win rate was 5.0% in both the fourth quarters of 2023 and 2022.

Total non-gaming revenue at City of Dreams Mediterranean and Other in the fourth quarter of 2023 was US$13.0 million, compared with US$0.2 million in the fourth quarter of 2022.

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Quezon City Mayor Bans Government Employees from Solaire North Casino

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The mayor of Quezon City, Josefina Belmonte, has said that all officials and employees of her administration are prohibited from entering the soon-to-open Solaire Resort North casino property, being developed in the city by Philippines-listed Bloomberry Resorts Corp.

Belmonte said Solaire North has created an electronic databank consisting of photographs of all 19K city employees that will be used to assist casino security in preventing access to excluded persons.

The mayor was speaking at the inaugural “International Conference on Responsible Gambling and Gaming Addiction”, held in Quezon City and backed by the country’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor).

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According to Ms Belmonte, an electronic device posted at each entrance of the casino at Solaire Resort North would identify any city government official or employee, barring their access to the gaming venue. Quezon City public servants would still be allowed to visit other areas of the resort, she added.

“Even if one wears a wig, a mask or a hat, one’s face can still be detected using a very sophisticated system,” the mayor said.

The post Quezon City Mayor Bans Government Employees from Solaire North Casino appeared first on European Gaming Industry News.

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M88 Mansion presents 10th edition of IT’S THE SHIP, Asia’s largest festival at sea, in Korea

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M88 Mansion, one of the biggest and most successful online casinos in Asia, is set to celebrate the 10th anniversary of IT’S THE SHIP, Asia’s largest festival at sea, in Korea from May 23 to 26, 2024.

IT’S THE SHIP offers attendees a unique, nonstop party experience for four days and three nights. This year’s festival will sail from the South Korean city of Busan to Nagasaki, Japan, and back aboard the Italian vessel Costa Serena.

Attendees, affectionately known as shipmates, will enjoy performances from this year’s lineup, including headliners Da Tweekaz, Tchami, Yellow Claw, ACRAZE, Afro Bros, Amber Broos, Quintino, and €URO TRA$H. Additionally, M88 Mansion celebrity partner and brand ambassador Maria Ozawa will also adorn this year’s crowd with a special performance.

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Shipmates will also enjoy a list of unique activities, sponsored by M88 Mansion, against the scenic Korean coastline, including a live baccarat tournament with a $25,000 prize pool and daily challenges such as Heads Up Poker, Mini Golf Course, Spin the Giant Wheel of Fortune, and a chance to challenge brand ambassador Ozawa in Beer Pong.

As the event’s partner, M88 Mansion will be giving away exclusive M88 Mansion and IT’S THE SHIP merchandise, adding to the excitement of the voyage.

Ben Kee, Partnership Lead of IT’S THE SHIP, shared his excitement about the upcoming voyage.

“IT’S THE SHIP is thrilled to continue our incredible partnership with M88 Mansion with our upcoming maiden charter from Korea. Our previous collaborations have been amazing, and we’re honored to work with a brand whose values and vision are so closely aligned with ours. Together, we have created unforgettable experiences for our shipmates, and we are excited to raise the bar even higher for our next adventure. With M88 Mansion support, we have curated a variety of exciting activities and surprises for our Korean sailing that shipmates can look forward to, and we can’t wait!” said Kee.

M88 Mansion serves as the title sponsor of IT’S THE SHIP Korea 2024 following the successful collaboration between M88 Mansion and IT’S THE SHIP during the Singapore leg in 2023.

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The cruise festival has been providing partygoers with electronic music-fueled voyages through Singapore and China since 2014.

The post M88 Mansion presents 10th edition of IT’S THE SHIP, Asia’s largest festival at sea, in Korea appeared first on European Gaming Industry News.

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BETER to exhibit at SiGMA Asia

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Leading provider of fast-paced betting content and data to showcase its full suite of esports and sports products at Asia’s leading trade show

BETER, the in-demand provider of next-generation esports and sports betting content and data, will be exhibiting at the popular trade show SiGMA Asia being held from 3-5 June in Manila, the Philippines.

SiGMA Asia is the leading industry conference for operators and suppliers active in the region.

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BETER will be exhibiting at SiGMA Asia and will be showcasing its full suite of fast-paced esports and sports betting products and solutions at stand G801.

Its Esports division provides operators with more than 35,000 events each month via its proprietary ESportsBattle tournaments. This covers hugely popular disciplines such as eFootball, eBasketball, eHockey and CS2.

In addition, the company also provides odds powered by official data for more than 400 international esports tournaments covering 60,000 pre-match and live events per year across CS2, Dota 2, League of Legends, Valorant and many more titles.

For its Sports division, the provider will be showcasing its world-renowned Setka Cup table tennis tournaments and Ping Pong Point events, as well as basketball tournaments under its BSKT Cup brand. In total, it offers more than 10,000 betting events each month.

Delegates can also learn more about BETER’s cutting-edge iFrame and comprehensive Managed Trading Services (MTS), which simplify and improve the management of a sportsbook across both traditional sports and esports content, enhancing operational efficiency and delivering improved performance margins.

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BETER is shortlisted in two categories at the accompanying SiGMA Asia Awards in the categories of Best E-Sport Provider and Best Virtual Sports Provider. It has also been nominated in the Digital Sports Betting Supplier category at the Global Gaming Awards Asia-Pacific, which takes place as part of SiGMA Asia.

Additionally, BETER, in collaboration with GR8 Tech, will host an exclusive party on June 3. This event is a perfect opportunity for valued clients and partners to relax and network in a festive setting, celebrating continued partnerships and future successes.

Gal Ehrlich, CEO of BETER, said: “We are thrilled to be attending SiGMA Asia and to be showcasing products and solutions from our esports and sports portfolio. Asia is a fast-growing market and one where players are demanding fast-paced betting experiences, and this is exactly what we offer.

“Our suite of products have proved to be a hit with players around the world, exceeding their high expectations and we expect they will do the same in Asia.”

Chuck Robinson, CRO at BETER, added: “We provide premium fast betting content with 24/7 live streaming and data with a sustained margin retention of 7.5%+ while our commitment to integrity means just 0.01% of matches are flagged for suspicious activity. 

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“This is what makes us the go-to provider for operators looking to offer their bettors next generation experiences across esports and traditional sports and we are excited to showcase our offering to delegates at SiGMA Asia.”

The post BETER to exhibit at SiGMA Asia appeared first on European Gaming Industry News.

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